Finance for science ideas

  • Business
  • Thursday, 11 Sep 2003

MALAYSIA Venture Capital Management Bhd (Mavcap) is actively seeking science and technology related ideas that can be nurtured into viable and commercial projects. 

Chief executive officer Mohd Azwar Mahmud said the ideas could be from point “zero and put on the paper” and the originators would be given a fund of up to RM50,000. 

“And if you want to execute what you have put on the paper and if you want more customers and expand your market, Mavcap is willing to fund about RM42mil from our internal funds,” he said in an interview. 

Mavcap is the administrator of the Cradle Investment Programme (CIP) and its partners include the Technopreneurs Association of Malaysia, National Entrepreneurs Forum, Computer and Multimedia Industry Association of Malaysia and IT Pemuda. 

The CIP programme provides funds to would-be technopreneurs from the pre-seed stage to financially assisting them in getting their ideas tested and verified for subsequent stages. 

The Finance Ministry has allocated RM100mil for the “seed venture fund” which CIP is a part of. 

Azwar said the CIP programme was being carried out in batches. Applications were now being invited for the second batch which opened on Aug 15 and would close on Sept 15, he said. 

A total of 491 applications were submitted in the first batch. Of these, 40 have been recommended to the Finance Ministry for approval. 

On a sectoral basis, 25% of the applicants are from the software industry, 7% from e-service, 12% consumer business services, 6% content and 5% communications and networking. 

Azwar said Mavcap was currently promoting the programme aggressively through roadshows and workshops, and in collaboration with strategic partners including higher learning institutions. 

It was also aiming to get between 1,500 and 2,500 applications from the industry partners, he said. – Bernama 

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